White House: Middle Class Spends Less If Taxes Go Up

Executive branch marks Cyber Monday with push for tax security for middle class

It’s Cyber Monday and the White House wants you to know just how big of a hit the economy would take if Congress does not come to a deal on taxes for middle class Americans. A report by the White House’s National Economic Council and Council of Economic Advisors says consumers will spend $200 billion less in 2013, if Congress allows taxes to go up on middle class families. The report was the latest push by President Barack Obama to encourage lawmakers to extend tax rates for families under the $250,000 a year mark. "The president has called on Congress to act now on extending all income tax cuts for 98 percent of American families and not to hold the middle-class and our economy hostage over a disagreement on tax cuts for households with incomes over $250,000 per year," the report said. "The Senate has passed this bill and the president is ready to sign it." (Reuters)

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